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Source: Journal Citation ReportsTM from ClarivateTM 2022

Entrepreneurship and Sustainability Issues Open access
Journal Impact FactorTM (2022) 1.7
Journal Citation IndicatorTM (2022) 0.42
Received: 2019-03-12  |  Accepted: 2020-01-10  |  Published: 2020-03-30

Title

Crypto asset assessment models in financial reporting content typologies


Abstract

Given the pace of development of the digital economy, companies' operations with crypto assets are an objective inevitability for most states. At the same time, national jurisdictions no longer have the opportunity to ignore the fact of business working with crypto assets. Meanwhile, without consensus in the consistent resolution of financial, tax, and other cross-country relations, operations with crypto assets can belong to the underground economy sphere to a large extent. In this regard, the issues of regulating macroeconomic factors when reflecting crypto assets in the structure of the current classification, the procedure for their fair valuation, taking into account the formation of classification and content construction in the financial statements of companies, are relevant. Another aspect is to conduct comprehensive analysis in order to consider scientific and practical approaches to the procedure of classification and evaluation of cryptographic assets in scientific research, professional judgments of major audit international organizations. In this regard, the study focuses on a practical analysis of the current accounting policies of companies operating with crypto assets, taking into account the position of the International Financial Reporting Interpretations Committee (IFRIC). Based on the results of the conducted research, the existing models of classification and evaluation of crypto assets are assessed, and the most problematic practical aspects of their application are highlighted. This made it possible to propose promising models for managing the value of crypto assets, containing the existing practices currently used by companies and their possible directions. It was concluded that the most promising way out of the conflict of interests of business and the current rules of International Financial Reporting Standards (IFRS) is to refine the existing standards, introduce rules of classification and evaluation of crypto assets. The authors also do not exclude that the best solution is to develop a new IFRS standard for the accounting of crypto assets.


Keywords

crypto assets, IFRS, bitcoin, valuation models, economics, recognition and measurement, intangible assets, inventory, cash and cash equivalents, financial instruments


JEL classifications

E42 , E52 , G38


URI

http://jssidoi.org/jesi/article/515


DOI


Pages

2196-2212


This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License

Authors

Morozova, Tatiana
Plekhanov Russian University of Economics, Moscow, Russian Federation http://www.rea.ru
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Akhmadeev, Ravil
Plekhanov Russian University of Economics, Moscow, Russian Federation http://www.rea.ru
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Lehoux, Liubov
CPA, MIATI GL and VAT Accountant RLG Europe B.V. (Swiss Branch), Meyrin, Switzerland
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Yumashev, Alexei Valerievich
I.M. Sechenov First Moscow State Medical University, Moscow, Russian Federation https://www.sechenov.ru
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Meshkova, Galina Vladimirovna
Bauman Moscow State Technical University, Moscow, Russian Federation http://www.bmstu.ru
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Lukiyanova, Marina
Financial University under the Government of the Russian Federation, Moscow, Russian Federation http://www.fa.ru
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Journal title

Entrepreneurship and Sustainability Issues

Volume

7


Number

3


Issue date

March 2020


Issue DOI


ISSN

ISSN 2345-0282 (online)


Publisher

VšĮ Entrepreneurship and Sustainability Center, Vilnius, Lithuania

Cited

Google Scholar

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References